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India gold imports in H1, 2017
greater than all of 2016. India imported 521 tonnes of gold in first
half of 2017. H1
figure for gold imports $22.2 Bln versus $23 Bln in all ’16. Gold demand was up 15% year- on-year in the
first quarter. June gold imports climbed to an estimated 75
tonnes from 22.7 tonnes a year ago. Annual total set to surpass 900 tons,
strongest year since ’12.“I trust gold more than
the currencies of countries” –
63% of Indians in Survey.

Governments
are oftentimes poor judges, giving passes to those big enough to pay
a legal settlement. Do your homework and make sure your money is in good
hands.

The
best trading strategy ideas are on websites that lack images of Ferraris,
sailboats, beaches or mountains.

If
you’re afraid to use it, don’t. Your brain has already pronounced the
outcome.

People
that instantly make you feel good usually aren’t the ones taking you to
the next level.

In
all cases, people, thus prices, are drawn to heavy order flow like
bees to a hive.

When
someone asks you, “what’s the trade logic”? You should be able to answer
in under 30 seconds.

Just
because an entry looks good doesn’t mean everything that follows is going
to be good, too. Trading for one or two ticks on a retail platform is
the ultimate waste of time and money.

Always
work with the end in mind. The best portfolio managers fester
over performance metrics first, because that’s all that matters in the end.

If
you stink at managing risk, you will always lose until you figure this
out.

Drawdown
is another way of saying “you were wrong”. Focus on what’s right about the
situation, not where you went wrong. Look at your valleys and and see
what’s going on there, not your flawed points of entry.

Avoid
money-making buzzwords in the same way you would a psychopath
who’s foaming at the mouth and running after you with a chainsaw.

Commissions,
spreads and fees should be treated like a chronic disease. Learn to live
with them but don’t let them stop you from moving forward.

Writing
a trading plan in your early career is the equivalent of a toddler drawing
a stick figure. Realize it will get better in time but by no means treat
it as an end result.

Trading
plans should be renamed Risk plans. Because that’s all that matters in the
end.

Your
strategy should consist of a parameters that produce a clean return
distribution, with the peak being as long as possible, and the valleys
keeping the strategy afloat during various trading environments.

It
doesn’t matter what you trade or how you trade it. If it works, it works.

If
you can’t get a favorable result with plain Jane parameters, odds are the
exotic ones are going to blow up down the line. This is the epitome of
over-optimization. Parameters need to fall with in a group with specific
ones producing better outcomes than others, but all keeping the ship
afloat.

All
instruments consist of different levels of liquidity. Liquidity drives
more market versus limit orders being used. These have a direct effect on
the types of price movements they exhibit. Treat them all differently,
because they are.

None
of us are born dumb. Society makes us that way.

Funnel
your dopamine addiction to something that adds value, like actionable
research. Clicking buy and sell buttons should not be your “rush”.

Find
a broker that sucks the least.

Find
a wealth manager for your passive portfolio that sucks the least.

Find
an attorney that sucks the least.

Find
a vacation spot that is excellent.

Liquidity
and slippage will always affect performance. If you’re going to trade
it, trade it like you mean it. Hesitate, and these two will come back
to haunt you.

Frequently
go through your performance metrics. If you’re short-term trading, do it
every day.

Don’t
trade any concept that’s new to you for at least a month, up to a year,
depending on its complexity and level of outcomes, contingent on volatility.

Yes,
you’re overthinking it.

Trading
environments effect the performance of all strategies. Over-optimized
strategies are primed for one environment but not the next.

People
get drunk and look terrible when they do. Your strategy is no different.
Treat it like a temple.

High
frequency for retail is hyper-mythology. Those claiming it are usually
using some form of latency arbitrage or spoofing. #1 will get you banned
by your brokers and #2 will get you thrown in jail.

The
most complaints come from people who have no solid reason to complain
about anything.

Brokers
have the easiest jobs in the industry unless they’re getting sued.

Even
when everything looks perfect, there is still going to be an unseen flaw
in the strategy. Don’t pretend to be surprised when it happens.

Yes,
you’re probably wasting your time on that idea.

Exercise.
Because blood flow is important.

Trading
is a skill that is learned, and needs to be done methodically. Those who
swing for the fences usually end up throwing the bat at it instead.

Trading
is not war, a neurological battle, a sport or a reality TV show. Its a
job.

The
blind lead the blind because people want to hang around others they feel
comfortable with.

You
don’t need a PhD or have the ability to write a complex algo to work
successfully. This may not be the case if you’re preparing for corporate
war.

Stop
worrying about finding anomalies or the trading definition of an ego
boost. Nobody in the real world cares unless you put the turkey on the
table.

Your
gut is the best barometer for wise decision-making in all aspects of life.
Performing regular gut checks, and following through on the result, is one
of the best tools for success anyone can ever have.

The Nifty is likely to open higher
on Thursday, tracking positive handover from Wall Street. The Nifty closed 30
points higher at 9,816 on Wednesday.

The index formed a small bullish candle and negated negative
pattern of shooting star formed in the previous session.

The index moved in the trading range of the previous session,
but the bulls managed to save the day for Nifty. Traders can retain their long
positions with a stop loss below 9,700.

Despite moving in a narrow range of 37 points, Wednesday’s price
action in Nifty should certainly give a sigh of relief to the bulls as there
was no follow through to the weakness exhibited around 9800 levels.

Dow sets
record-high close

The US stocks ended higher with Dow hitting a fresh record high
close following Federal Reserve Chair Janet Yellen's congressional testimony to
gradually raise interest rates, said a Reuters report.

Yellen's speech was a nod to Wall Street as the Fed signalled it
will gradually tighten policy and gradually unwind its massive balance sheet,
it said. Investors cheered Yellen's dovish tone, alleviating some concerns over
the recent dip in inflation.

The Dow Jones Industrial Average rose 123.07 points, or 0.57 percent,
to close at 21,532.14, a record high. The Dow also hit an intraday record. The
S&P 500 gained 17.72 points, or 0.73 percent, to 2,443.25 and the Nasdaq
Composite added 67.87 points, or 1.10 percent, to 6,261.17.

SGX Nifty

The Nifty futures on the Singapore Stock Exchange were trading
46 points higher at 9,882 indicating a positive opening for the domestic
market.

TCS Q1 results:

Don’t expect any surprises from Tata Consultancy Services Ltd
(TCS) which is scheduled to report its results for the quarter ended June 30
post market hours on Thursday.

According to an average of estimates of analysts polled by
CNBC-TV18, profit is likely to fall by 6.2 percent sequentially to Rs6,195
crore and revenue may decline by 0.2 percent to Rs 29,580 crores compared with
previous quarter.

Investors cheer
dovish Fed

The US economy is healthy enough for the Fed to raise rates, but
she also noted that given current estimates, the federal funds rate "would
not have to rise all that much further" to reach a neutral level that
neither encourages nor discourages economic activity, said a Reuters report.

The Fed still feels the economy needs loose, or accommodative,
monetary policy, so a lower neutral rate means the Fed may feel compelled to
slow the pace of rate hikes down the road, it said.

Dollar slips vs
Yen

The dollar eased against the yen, after Federal Reserve Chair
Janet Yellen said interest rates hikes would be gradual and that the U.S.
central bank may not be able to raise rates by "all that much", said
a Reuters report.

The dollar index, which tracks the greenback against six major
rivals, was up 0.08 percent to 95.748, after falling to 95.511, its lowest
since June 30.

Against the yen, the greenback was 0.64 percent lower at 113.19
yen following a decline in short-term US interest rates after Yellen's
testimony.

Oil rises as US
crude stocks drop

Oil futures rose as a report showing hefty drawdowns in U.S.
crude inventories was offset by data pointing to lackluster gasoline demand,
said a Reuters report.

U.S. crude inventories fell 7.6 million barrels last week, its
biggest weekly plunge in 10 months, the U.S. Energy Information Administration
(EIA) said.

Brent crude futures rose 22 cents, or 0.5 percent, to settle at
$47.74 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 45
cents, or 1 percent, to settle at $45.49.

Trump says son is
'innocent'

The US President Donald Trump on Wednesday defended his eldest
son as "innocent" following emails that showed Donald Trump Jr.
welcomed Russian help against his father's rival in the 2016 presidential
election, said a Reuters report.

"He was open, transparent and innocent. This is the
greatest Witch Hunt in political history. Sad!" Trump wrote on Twitter.

June retail
inflation at record low

India’s retail inflation hit a record low of 1.54 percent in
June, lowest since 1999, raising hopes of an interest rate cut, with the
Finance Ministry obliquely nudging the central bank to reduce lending rates in
the monetary policy next month.

Retail inflation, measured by Consumer Price Index (CPI)
remained low in May touching 2.18 percent and 5.77 percent in June last year,
owing to a sustained dip in food prices. Low inflation levels can indicate poor
demand and weak economic activity.

India's factory
output falls to 1.7% in May

India’s factory output witnessed a tepid growth of 1.7 percent
in May from 3.1 percent in April, mainly due to subdued mining and
manufacturing output.

Factory output measured by the index of industrial production
(IIP) is the closest approximation for measuring economic activity in the
country’s business landscape.

Rupee recovers 5
paise against dollar

The rupee on Wednesday recovered by 5 paise to close at 64.54
against the US currency on fresh dollar selling by banks and exporters.

A bearish greenback tone overseas largely aided the rupee
recovery. The rupee had fallen by 6 paise on Tuesday. A spectacular bull-run in
local stock markets along with robust capital flows further brightened the
rupee sentiment, forex dealers said.

OPEC sees lower
demand for its oil in 2018

World demand for OPEC's crude will decline next year as U.S.
shale producers and other rivals pump more, OPEC said on Wednesday.

In the report, OPEC said its oil output rose by 393,000 bpd in
June to 32.611 million BPD led by a rebound Nigeria and Libya - which are
exempt from the supply cut, plus extra barrels from Saudi Arabia and Iraq.

4 stocks under
ban period on NSE

Security in ban period for the next trade date under the F&O
segment includes companies in which the security has crossed 95% of the
market-wide position limit.

Securities which are banned for trading today include names like
HDIL, Indiabulls Real Estate, Jaiprakash Associates, and JSW Energy.